Prices are jumping as the economy rebounds from the pandemic, but the Biden Administration and the Federal Reserve say a return to 1970s-style inflation is unlikely.
Jerome Powell and Treasury Secretary Janet Yellen will tell Congress the economy is recovering but that more needs to be done to get to pre-pandemic levels
Janet Yellen was confirmed by the Senate to serve as Treasury secretary. She'll be the first woman to hold that post and will lead the Biden administration's efforts to address the pandemic recession.
At her confirmation hearing Tuesday, Treasury Secretary-designate Janet Yellen warned that without more federal help, the recession would last longer and be more painful than necessary.
Joe Biden plans to nominate the former Federal Reserve chair as his Treasury secretary. She would play a leading role in helping the economy recover from the pandemic.
The Federal Reserve has moved quickly and creatively to pump money into the rapidly shrinking U.S. economy in hopes of keeping it afloat long enough to outlast the coronavirus pandemic.
As she leaves the Fed's top job, Janet Yellen gets high marks for the way she resisted calls to raise interest rates as the economy began recovering. Instead, she was determined to boost job growth.
Janet Yellen says she'll step down from the Federal Reserve Board when her successor as chair is sworn in. Earlier this month, President Trump named Jerome Powell to be the next Fed chairman.
As Fed chair, Janet Yellen helped the central bank largely achieve its mandate to engineer full employment while keeping inflation at a level that fosters growth.
President Trump is beating a path back toward the center on economic policy. Some economists think it may be due to influence from Trump advisers like Gary Cohn and Jared Kushner.
The Federal Reserve left interest rates unchanged at very low levels. Fed policymakers expressed worries about job growth, so they did not want higher rates to further cool hiring.
The Federal Reserve decided Wednesday to hold interest rates steady. The nation's central bank is watching for signs of overheating, but for now, says the economy is growing at a sustainable rate.
Testifying for the first time since the Federal Reserve raised interest rates, Janet Yellen says volatility in the global markets means that "as is always the case, the economic outlook is uncertain."
Some economists say the Federal Reserve should leave rates alone, but many say super-low rates have big risks, too. They argue that the central bank needs to push rates back up to historic norms.
Federal Reserve policymakers said Wednesday they will continue to tamp down interest rates. The last time they raised interest rates was June 2006. They set no specific deadline for raising rates.
